§ 43-23-24 — Wholesale buyers and sellers - Disclosure

North Dakota § 43-23-24

• Jurisdiction: North Dakota
• Title 43: Occupations and Professions
• Ch. 43-23: State Real Estate Commission

Text

1. As used in this section, "wholesaler" means a person that enters an agreement to
make income or profit from the transfer of or equitable interest in real property.
2. A wholesaler of real property shall disclose in writing to all parties to the agreement
that the wholesaler holds an equitable interest in the property, may not be able to
convey title to the property, and intends to make a profit or income from the transfer of
the equitable interest.

3. Notwithstanding any other provision contained in a contract for sale of real property, if
a wholesaler violates this section, the seller may cancel the contract for sale at any
time before the close of escrow without penalty and may retain any earnest money
paid by the wholesaler.
4. Notwithstanding any other provision contained in the contract for sale, if a wholesaler
violates this section, the buyer may cancel the contract for sale at any time before the
close of escrow without penalty and must be refunded all earnest money paid by the
buyer.